FX Multi Meter is a free, popular Metatrader 4 indicator that analyzes the attached currency pair and displays the buy/sell trend in an advanced dashboard.
The following technical indicators are used: MACD, PSAR, and Stochastic.
The indicator pops up in the main MT4 chart window as a technical analysis dashboard.
General Assumptions
- The trend is considered bullish when most indicators turn green.
- The trend is considered bearish when most indicators turn red.
The look of the dashboard can be modified by editing the indicator’s inputs.
The FX Multi Meter indicator can be used for both trade entry and exit, or as an additional confirmation filter for other strategies and systems.
The indicator works equally well on all currency pairs (majors, minors and exotic) and shows promising results if used correctly.
Free Download
Download the “FX_Multi-Meter.mq4” indicator for MT4
Indicator Chart (EUR/USD M5)
The example chart below displays the FX Multi Meter mt4 indicator in action on the trading chart.
Trading Tips:
Feel free to use your own favorite trade entry, stop loss and take profit strategy to trade with the FX Multi Meter indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Trade Style: Works for scalping, day trading and swing trading
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Technical analysis
Does the indicator repaint? No.
FX Multi Meter + SuperTrend NRP Day Trading MT4 Strategy
This day trading strategy combines the FX Multi Meter Indicator and the SuperTrend NRP Forex Indicator to identify strong intraday trends.
The FX Multi Meter evaluates MACD, PSAR, and Stochastic, and signals bullish conditions when all turn green, bearish when all turn red.
The SuperTrend NRP confirms the trend with a green line for bullish and a red line for bearish momentum.
This strategy works best on 15-minute to 1-hour charts during active trading sessions.
Buy Entry Rules
- Wait for all indicators on the FX Multi Meter to turn green (MACD, PSAR, Stochastic).
- Confirm the trend is bullish with the green line on the SuperTrend NRP indicator.
- Enter a buy trade at the close of the confirming candle.
- Set the stop loss below the recent swing low or nearby support.
- Set take profit at a 1:2 reward-to-risk ratio or exit if the FX Multi Meter turns red or the SuperTrend line turns red.
Sell Entry Rules
- Wait for all indicators on the FX Multi Meter to turn red (MACD, PSAR, Stochastic).
- Confirm the trend is bearish with the red line on the SuperTrend NRP indicator.
- Enter a sell trade at the close of the confirming candle.
- Set the stop loss above the recent swing high or nearby resistance.
- Set take profit at a 1:2 reward-to-risk ratio or exit if the FX Multi Meter turns green or the SuperTrend line turns green.
Advantages
- Multiple indicator confirmation reduces false signals.
- Helps traders enter in line with the prevailing trend.
- Non-repainting indicators provide reliable intraday signals.
- Clear rules improve trading discipline and consistency.
- Can be applied across several currency pairs and timeframes.
Drawbacks
- Entry signals may be delayed while waiting for all indicators to align.
- Short-term pullbacks can trigger stop losses before trend continuation.
- Not ideal for scalping on very low timeframes due to indicator confirmation lag.
- Exotic pairs like NZD/CHF or GBP/NZD may experience sudden volatility spikes.
Case Study 1
On the NZD/JPY 30-minute chart, all FX Multi Meter indicators turned green, and the SuperTrend NRP line was green.
A buy trade was entered at 82.15, with a stop loss at 82.00 and a take profit at 82.50.
The trade reached take profit within 3 hours, yielding a 35-pip gain.
Case Study 2
On the GBP/AUD 1-hour chart, all FX Multi Meter indicators turned red, and the SuperTrend NRP line was red.
A sell trade was entered at 1.8425, with a stop loss at 1.8450 and take profit at 1.8350.
The trade reached take profit within 4 hours, capturing a 75-pip gain.
Strategy Tips
- Use moderately volatile pairs such as NZD/JPY, GBP/AUD, AUD/CHF, and USD/CAD for intraday moves.
- Apply strict risk management: risk no more than 1-2% per trade.
- Consider trailing stops to secure profits during strong trend movements.
- Limit trades per day to maintain focus and avoid overtrading.
- Check higher timeframes to ensure alignment with the broader trend.
- Avoid trading during major news releases, especially for pairs prone to large gaps like GBP/AUD and NZD/JPY.
Download Now
Download the “FX_Multi-Meter.mq4” indicator for Metatrader 4
